The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 41 points.
BSE Sensex jumped 762 points to 62,273, while the Nifty50 rose 217 points to 18,484 and formed a long bullish candle on the daily charts making a higher high higher low for the second consecutive session.
As per the pivot charts, the key support level for the Nifty is placed at 18,346, followed by 18,290 & 18,200. If the index moves up, the key resistance levels to watch out for are 18,526 followed by 18,581 and 18,671.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Shares in the Asia-Pacific traded mixed as investors digest economic data from the region, including Tokyo’s consumer price index and Singapore’s final gross domestic product readings. Markets in the US were closed for the Thanksgiving holiday and will close early on Friday.
In Australia, the S&P/ASX 200 in Australia rose 0.15%. The Nikkei 225 fell 0.32% and the Topix also fell 0.21%. In South Korea, the Kospi fell 0.22%.
Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 41 points. The Nifty futures were trading around 18,626 levels on the Singaporean exchange.
Recession unlikely in APAC region in 2023: Moody's
A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody's Analytics said on Thursday. In its analysis titled 'APAC Outlook: A Coming Downshift', Moody's said India is headed for slower growth next year more in line with its long-term potential.
On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth. But, if high inflation persists, the Reserve Bank of India would likely take its repo rate well above 6 per cent, causing GDP growth to falter.
Oil muted as price cap proposal eases supply concerns
Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply.
A bigger-than-expected build in US gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices.
Brent crude futures were down 29 cents, or 0.3%, to $85.12 a barrel by 15.15 p.m. ET (2015 GMT), while US WTI crude futures rose 2 cents, to $77.96.
Unemployment rate dips to 7.2% in July-September 2022: NSO survey
Unemployment rate for persons aged 15 years and above in urban areas declined to 7.2 percent during July-September 2022 from 9.8 percent a year ago, the National Statistical Office (NSO) said on Thursday.
The latest data based on a periodic labour force survey, underlining a decline in the unemployment rate amid an improved labour force participation ratio, point towards a sustained economic recovery from the shadow of the pandemic.
The unemployment rate for persons aged 15 years and above in April-June 2022 was 7.6 percent in urban areas, the 16th Periodic Labour Force Survey (PLFS) showed. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.4 percent in July-September, 2022 from 11.6 percent a year ago.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,231.98 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 235.66 crore on November 24, as per provisional data available on the NSE.
Euro area inflation likely near its peak: ECB
Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos said on Thursday. Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it.
"For headline (inflation) ... I think that we're there in terms of the peak, perhaps one decimal point up or down, it will be hovering, but I think that in the first half of next year we will see a decline," he said.
SBI to consider raising up to Rs 10,000 crore through infrastructure bonds
State Bank of India (SBI) is considering to raise funds through issuance of infrastructure bonds worth up to Rs 10,000 crore during FY23, the country's largest lender said in a regulatory filing on November 24. The total issuance includes Rs 5,000 crore greenshoe, and the bonds will be issued through public issue or private placement, SBI said.
The state-owned bank's Executive Committee of the Central Board will meet on November 29 to consider raising funds through infrastructure bonds.
Dollar nears 3-month low
The euro rose as high as $1.0447, edging it closer to its recent four-month top of $1.0481, while the dollar weakened 0.6% against the Japanese yen to 138.70 yen and past $1.20 against sterling. The dollar swooped towards a three-month low on Thursday, after Federal Reserve signals of smaller interest rate rises from next month were followed by the message from Frankfurt that the ECB will plough on.
Consumer inflation in Japan's capital rises at fastest pace in 40 years
Core consumer prices in Japan's capital, a leading indicator of nationwide trends, rose at their fastest annual pace in 40 years in November and exceeded the central bank's 2% target for a sixth straight month, signalling broadening inflationary pressure.
The increase, driven mostly by food and fuel bills but spreading to a broader range of goods, cast doubt on the view of the Bank of Japan (BOJ) that recent cost-push inflation will prove transitory, some analysts said.
The Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel, was 3.6% higher in November than a year earlier, government data showed on Friday. The rise exceeded a median market forecast of 3.5% and the 3.4% increase seen in OctoberWith inputs from Reuters and other agencies